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Dec 31, 2012
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part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. if we are putting people back to work, rebuilding our roads, our bridges, our schools, in part paying for it by some of these broader, long-term deficit reduction measures that need to take place. that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three, you know, we've got a huge opportunity around energy. we are producing more energy, and america can become an energy exporter. how do we do that in a way that also deals with some of the environmental challenges that we have at the same time? so that's going to be a third thing. but the most immediate thing i've got to do, starting on january 1st, if congress doesn't act before the end of the year, is make sure that taxes are not going up on middle-class families. and because it is going to be very hard for the economy to sustain its current growth trends if
part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. if we are putting people back to work, rebuilding our roads, our bridges, our schools, in part paying for it by some of these broader, long-term deficit reduction measures that need to take place. that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three, you know, we've got a huge...
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Dec 30, 2012
12/12
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part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. and, you know, if we are putting people back to work, rebuilding roads, bridges, schools, in part paying for it by some of these broader long-term deficit reduction measures that need to take place, that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three. you know, we've got a huge opportunity around energy. we are producing more energy, and america can become an energy exporter. how do we do that in a way that also deals with the environmental challenges we have at the same time? so that's going to be a third thing. but the most immediate thing i've got to do starting on january 1, if congress doesn't act before the end of the year, is to make sure that taxes are not going up on middle class families. because it is going to be very hard for the economy to sustain its current growth trends if suddenly we ha
part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. and, you know, if we are putting people back to work, rebuilding roads, bridges, schools, in part paying for it by some of these broader long-term deficit reduction measures that need to take place, that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three. you know, we've got a huge...
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Dec 30, 2012
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who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you say, one that would mean less money for seniors with the social security adjustment is off the table, are you more optimistic about getting a deal done. >> we still have a long way to go. >> what do you see as the major sticking point? >> one of the sticking pointing, what the republicans want to do is continue the 2010 agreement on lower estate tax rates, which means, chris, $120 billion tax break over a ten-year period for the top 0.2 of 1%. they get $120 billion tax break. and people come forward and say we're very serious about deficit reduction. thir
who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you...
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Nov 13, 2012
11/12
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so the conversation used to be we will cut the deficit through spending cuts. now within the space of a week, the same people, glen hubbard who was romney's chief economic adviser slated to be the federal reserve head if romney had won has an op-ed in the financial times today saying the first thing we should do is focus on more revenues and the way to get that is from capping deductions for the wealthy. so it's extraordinary the shape of the the rhetoric that's coming from republicans in the the last week has really changed a great deal. i think they recognize, even if obama doesn't recognize and even if most centrist democrats don't recognize it, they hold all the cards here. >> so who's the god you're referring to there? >> grover norquist? i'd say it's more a collection of dayties who said the first -- >> but that's the point. republican leaders and some republican thought leaders might be coming around that we have a deal here. but the reason for the past two decades can be traced back to 1990 with george bush sr. put a tax hike deal together with democrat
so the conversation used to be we will cut the deficit through spending cuts. now within the space of a week, the same people, glen hubbard who was romney's chief economic adviser slated to be the federal reserve head if romney had won has an op-ed in the financial times today saying the first thing we should do is focus on more revenues and the way to get that is from capping deductions for the wealthy. so it's extraordinary the shape of the the rhetoric that's coming from republicans in the...
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Nov 17, 2012
11/12
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we should be talking about the jobs deficit and like a fairness deficit. so how do we expand the number of revenue options on the table? nobody is talking about financial speculation in this debate. so you know, obama's now got 1.6 trillion on the table which is certainly better than where we were last year. but why not add the financial speculation tax which if you went with congressman ellison's bill that would be $3 trillion over ten years, close more tax loopholes, tax shelters, cayman islands, generate real revenue. >> we have a graphic here that shows some of the, some of the revenue options, and one of the things that always gets said is, and ed conner here said that's a carbon tax. there are different proposals. we could raise taxes on income over $250,000. that's on the table from the president. we could repeal capital gains tax break, financial transaction tax. or we could limit -- >> u.s. figures are annual -- >> little over ten years, yeah. little over ten years. so there's -- and again, depends on how you structure this and what the actual num
we should be talking about the jobs deficit and like a fairness deficit. so how do we expand the number of revenue options on the table? nobody is talking about financial speculation in this debate. so you know, obama's now got 1.6 trillion on the table which is certainly better than where we were last year. but why not add the financial speculation tax which if you went with congressman ellison's bill that would be $3 trillion over ten years, close more tax loopholes, tax shelters, cayman...
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Jan 26, 2013
01/13
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you don't need the deficits at zero. you don't need the balance. and in fact, the difference between a small deficit to 2, 2 and a half percent of gdp, if the difference was if you shorted funding for education and highways and roads and bridges and basic scientific research, you would probably have a smaller economy in the long run, not a bigger one. because you would have starved the very kind of investments you need to fuel long-term productivity increases and growth in the economy. >> all right, this is a crucial point that you can -- by cutting too much now and not making investments in your future you can actually hurt long-term growth and make long-term deficits higher. bob greenstein, always good to see you. >> my pleasure. >>> john boehner says president obama is trying to annihilate the republican party. but up next, i'll explain why the gop is kind of doing a good job of it itself. and on that path, some republicans are trying to gerrymander it. some are saying we can't change the rules of the presidential election just because we lost o
you don't need the deficits at zero. you don't need the balance. and in fact, the difference between a small deficit to 2, 2 and a half percent of gdp, if the difference was if you shorted funding for education and highways and roads and bridges and basic scientific research, you would probably have a smaller economy in the long run, not a bigger one. because you would have starved the very kind of investments you need to fuel long-term productivity increases and growth in the economy. >>...
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Jan 15, 2013
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and also deal with the trade deficits, but even more importantly, what do we do to create an environment where businesses can grow and we can expand economic development? because this is still a very, very fragile expansion, though it is a expansion from probably the deepest recession we've ever been in wince the depression. a lot of pent-up demand, so i think this debate is centered on the right thing, what do we do to create an environment where businesses can grow. >> if we need and if republicans argue that what needs to be done is to cut the deficit, they need to perhaps go into default, are you okay with that? ivities illustrates well again i think we need to look at that time it through the lens of economy development. anything to slow this expansion down would have very, very serious consequences to all of us. >> let me ask you about your announcement last week. you were going to hire engineers, computer programmers. last year you announced to add 12,000 jobs by 2015. given everything that's going on, how confident are you that you'll still be able to meet that goal? >> well, i t
and also deal with the trade deficits, but even more importantly, what do we do to create an environment where businesses can grow and we can expand economic development? because this is still a very, very fragile expansion, though it is a expansion from probably the deepest recession we've ever been in wince the depression. a lot of pent-up demand, so i think this debate is centered on the right thing, what do we do to create an environment where businesses can grow. >> if we need and if...
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Dec 24, 2012
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doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social security or for that matter medicare benefits. you can cut medicare in ways you don't cut benefits and the hypocrisy of republicans that said that democrats are terrible because they took $716 billion from medicare for obama care and what do we want to do? pocket the cuts and add more. our chief demand is entitlement cuts. medicare and social security. >> talk about the debt ceiling and where this is played in to this conversation. that is coming up in february or supposed to come up in february. john boehner made the offer to take it off the table for a year but i want to sho
doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social...
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Nov 13, 2012
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the fiscal part of it, tend to associate fiscal problems with deficit. this will be a problem caused by too much deficit reduction too quickly. you got these debates is it a cliff, a curve? a slope? i don't think we know how quickly problems begin. what we do know it's a sufficient contraption, in 2013, within two months, if we don't solve it, we'll need to raise the debt ceiling, tip the country into a recession and the financial markets into chaos. with some confidence and certainty it's a crisis. austerity, we're worried about austerity too quickly. i'm trying as a journalist to give this thing a name of what's going to happen here. >> let's talk about what you written and the election in 2016 as it relates to austerity crisis. you write, there are a number of powerful republicans who would see their futures diamond by a grand bargain that credibly puts deficits on a downward trajectory. so, are you saying people like congressman paul ryan who has been a deficit hawk and campaigned on being a deficit hawk on the romney/ryan taicket do you think he wou
the fiscal part of it, tend to associate fiscal problems with deficit. this will be a problem caused by too much deficit reduction too quickly. you got these debates is it a cliff, a curve? a slope? i don't think we know how quickly problems begin. what we do know it's a sufficient contraption, in 2013, within two months, if we don't solve it, we'll need to raise the debt ceiling, tip the country into a recession and the financial markets into chaos. with some confidence and certainty it's a...
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Feb 19, 2013
02/13
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while a plan to reduce our deficit has to be part of our agenda, we also have to remember deficit reduction alone is not an economic plan. we learned in the 1990s whether bill clinton was president, nothing shrinks the deficit faster than a growing economy that creates good, middle class jobs. that should be our driving focus. making american a magnet for good jobs. equipping our people with the skills required to fill those jobs and making sure their hard work leads to a decent living. those are the things we should be pushing ourselves to think about and work on every single day. that is what the american people expect. that's what i'm going to work on every single day to help deliver. so i need everybody who is watching today to understand we got a few days, congress can do the right thing. we can avert just one more washington manufactured problem that slows our recovery, and bring down our deficits in a balanced, responsible way. that's my goal. that's what would do right by these first responders. that's what would do right by america's middle class and what i'm going to be working on
while a plan to reduce our deficit has to be part of our agenda, we also have to remember deficit reduction alone is not an economic plan. we learned in the 1990s whether bill clinton was president, nothing shrinks the deficit faster than a growing economy that creates good, middle class jobs. that should be our driving focus. making american a magnet for good jobs. equipping our people with the skills required to fill those jobs and making sure their hard work leads to a decent living. those...
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Jan 1, 2013
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so to delay that has a cost that further adds to the deficit. so they have been trying to find ways to offset that cost. to bring in new revenue through these new taxes, to protect the current tax rates for the majority of americans. so anyone who earns less than 400,000 dollars as an individual will have the same tax rates as they do now. other sorts of tax provisions like the 2% payroll tax will stay in effect. and for those people who have been out of work the longest and have been depending on unemployment benefits, those will continue as a part of this deal. it is complicated. it has very significant impact on the economy, on people's pocketbooks, and there has been sharp political divide for a very long time. that's the subject of the campaign on many levels, it will be a subject of campaigns for many of these members of congress in the future when they are up for reelection. but this represents a significant breakthrough after so much difficulty. much of the credit will probably go to mitch mcconnell and vice president joe biden. and alon
so to delay that has a cost that further adds to the deficit. so they have been trying to find ways to offset that cost. to bring in new revenue through these new taxes, to protect the current tax rates for the majority of americans. so anyone who earns less than 400,000 dollars as an individual will have the same tax rates as they do now. other sorts of tax provisions like the 2% payroll tax will stay in effect. and for those people who have been out of work the longest and have been depending...
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Nov 20, 2012
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that results in deficits in the future that are debt to gdp ratio begins to decline. we'll get a deal, but we need a good deal. if we get the good deal then we'll have a good economy. the only thing separating our economy from much stronger growth, more jobs and declining unemployment is this budget deal. so, you know, that's all we need to do. it's hard to do politically. but economically, that's, you know, we have to do it. >> but, you know, mark, a key in determining what the deal is going to look like is how we approach whether it's through the media or the political class in general is how broaapproach looming deal. to get the republicans to give in for the tax rates for the wealthy for those over $250,000, if they get beyond january 1st they have the leverage to force that, maybe more leverage than they have now. a lot of pressure from republicans and i would say from the third-way types that are interested in making radical changes to the social safety net, a lot of pressure there to say we can't ever go past january 1st, it would be a disaster. but i think i s
that results in deficits in the future that are debt to gdp ratio begins to decline. we'll get a deal, but we need a good deal. if we get the good deal then we'll have a good economy. the only thing separating our economy from much stronger growth, more jobs and declining unemployment is this budget deal. so, you know, that's all we need to do. it's hard to do politically. but economically, that's, you know, we have to do it. >> but, you know, mark, a key in determining what the deal is...
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Jan 2, 2013
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these will raise the deficit by about $4 trillion. are you worried last night the deal added too much to the deficit? how come democrats have basically embraced these bush tax cuts from about a decade ago? >> let's look at what the reason was the democrats opposed those 2001 and 2003 tax cuts. it's because they weren't paid for. they blew a massive hole in the deficit, along with the two wars that weren't paid for and the medicare part d drug plan, which was a good thing but was not paid for. we need to go back to pay as you go rules. the republicans when they came in and took the majority back got rid of that requirement. we're for responsible tax cuts that help the middle class. we're not for and neither were the american people as they said in this election when they voted for president obama's reelection, were not for giving give-aways in terms of billions in tax breaks to the wealthiest, most fortunate americans when we have to get a handle on our deficit and get our economy turned around and get back to creating jobs. >> thanks.
these will raise the deficit by about $4 trillion. are you worried last night the deal added too much to the deficit? how come democrats have basically embraced these bush tax cuts from about a decade ago? >> let's look at what the reason was the democrats opposed those 2001 and 2003 tax cuts. it's because they weren't paid for. they blew a massive hole in the deficit, along with the two wars that weren't paid for and the medicare part d drug plan, which was a good thing but was not paid...
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Dec 19, 2012
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to make sure the middle class taxes do not go up and that we have a balanced responsible package of deficit reduck. it's hard for them to say yes to me. but at some point they have got to take me out of it. think about their voters. >> let me bring in the senior editor mark murray. the headline on our first read this morning was the question, what is boehner doing? he is expected to speak in about 15 minutes to i guess counter what we heard from the president. what is this plan b and why is he attempting to push a vote as we understand it, he may not have all the votes needed in the senate as the white house pointed out? >> plan b is defined as extending all the bush era tax cuts except for income above $1 million. one of the theories he proposed is to get more leverage over the white house and president obama and if the house is able to pass that, they would say we have you cornered on extending the tax cuts and we might be able to sweeten the deal for house republicans. the president bush for john baner is it's not clear. he has the votes to pass that. almost all democrats are opposed to
to make sure the middle class taxes do not go up and that we have a balanced responsible package of deficit reduck. it's hard for them to say yes to me. but at some point they have got to take me out of it. think about their voters. >> let me bring in the senior editor mark murray. the headline on our first read this morning was the question, what is boehner doing? he is expected to speak in about 15 minutes to i guess counter what we heard from the president. what is this plan b and why...
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Nov 24, 2012
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the red bar is the deficit in '09 when president obama took office, and inherited the big deficit from president bush. over the next three years president obama cut the deficit. he cut it by $200 billion just from last year to this year. so the deficit isn't growing. it's shrinking by a lot. seriously the folks at investor's business daily calculated that the deficit is falling faster than at any time since the end of the second world war. the deficit is falling so fast it might not be able to fall any faster without sending us back into recession. when president obama started, the deficit equalled 10% of the whole economy and now it equals just 7%. so go ahead, boggle your uncle's mind with this chart. the bars below zero represent years when the deficit grew. these bars above zero represent years when the deficit shrunk. we're here right now in the deficit shrunk portion of the chart. the point of the shrinkingest shrinking on the whole chart back to 1950. when somebody stops inevitably nattering about the fiscal cliff and the skyrocketing deficit, they don't know what they're
the red bar is the deficit in '09 when president obama took office, and inherited the big deficit from president bush. over the next three years president obama cut the deficit. he cut it by $200 billion just from last year to this year. so the deficit isn't growing. it's shrinking by a lot. seriously the folks at investor's business daily calculated that the deficit is falling faster than at any time since the end of the second world war. the deficit is falling so fast it might not be able to...
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Jan 1, 2013
01/13
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number one they don't like the extension of unemployment benefits and think that adds to the deficit. they don't think there are enough spending cuts. they also don't like the extension of the middle class tax cuts that were the president's stimulus package. also some liberals don't like the bill because they feel it gives, takes away their leverage to argue for more taxes in the future in terms of deficit deals and the rest of them would only come by cuts. so what you're going to see is at noon, nancy pelosi is going to talk to the house democratic caucus. there have been some rumors that joe biden could come up here on new year's day to sell the plan, very much like he did to the senate ds earlier this morning. you'll also see john boehner meeting with his conference at 1:00 p.m. i've been told by folks close to boehner that these -- it is by no means a done deal. he is keeping the door open to possibly amending the senate bill. now you think with the 9 votes they wouldn't want to do that, they'd want to put this to bed. but the house republicans have been known to scuttle these typ
number one they don't like the extension of unemployment benefits and think that adds to the deficit. they don't think there are enough spending cuts. they also don't like the extension of the middle class tax cuts that were the president's stimulus package. also some liberals don't like the bill because they feel it gives, takes away their leverage to argue for more taxes in the future in terms of deficit deals and the rest of them would only come by cuts. so what you're going to see is at...
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Nov 21, 2012
11/12
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it's complete bs to say that this has any deficit implications. it doesn't. this is just a smoke screen. it's a red herring. it's another excuse for not doing what needs to be done. the american people have spoken. the central issue in the campaign was not only tax fairness but raising taxes on the top 2% as a means to help us balance -- get rid of the deficit and eat into the debt. and the american people have said, yes, that's one of the components of the deal. so this is just another smoke screen. it's a delaying tactic. i truly believe that if they keep this up they will pay for it and they will pay for it big time, certainly in the election of 2014. but the sad part is, the nation and people can't wait. we've got to resolve this debt because if we do so, rev, will cause the economy to explode. we will see a resurge in investment, good things happening for the economy. >> congressman ellison, with all of that at stake and clear from every expert that we've heard, it's clear that if we don't solve this problem, if we have the fiscal cliff, if we go over at
it's complete bs to say that this has any deficit implications. it doesn't. this is just a smoke screen. it's a red herring. it's another excuse for not doing what needs to be done. the american people have spoken. the central issue in the campaign was not only tax fairness but raising taxes on the top 2% as a means to help us balance -- get rid of the deficit and eat into the debt. and the american people have said, yes, that's one of the components of the deal. so this is just another smoke...
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Nov 14, 2012
11/12
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and reducing our deficit in a balanced and responsible way. now on this last item, we face a very clear deadline that requires us to make some big decisions on jobs, taxes, and deficits by the end of the year. both parties voted to set this deadline and i believe that both parties can work together to make these decisions in a balanced and responsible way. yesterday i had a chance to meet with labor and civic leaders for their input, today i'm meeting with ceos of some of america's largest companies. and i'll meet with leaders of both parties of congress before the week is out because there's only one way to solve these challenges and that is to do it together. as i've said before, i'm open to compromise and new ideas. and i've been encouraged over the past week to hear republican after republican agree on the need for more revenue from the wealthiest americans as part of our arithmetic if we're going to be serious about reducing the deficit. because when it comes to taxes, there are two pathways available -- option one, if congress fails to a
and reducing our deficit in a balanced and responsible way. now on this last item, we face a very clear deadline that requires us to make some big decisions on jobs, taxes, and deficits by the end of the year. both parties voted to set this deadline and i believe that both parties can work together to make these decisions in a balanced and responsible way. yesterday i had a chance to meet with labor and civic leaders for their input, today i'm meeting with ceos of some of america's largest...
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Dec 31, 2012
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at the moment we will have a fairly modest amount of deficit reduction. maybe even none at all. mixed with a fairly bad economic impact from the fiscal cliff. kicking some of the sequester down the road would be a good idea but it's the same disagreements keeping us from doing that that has kept us from getting a bigger deal. >> where we are right now and what we know about this, sam, is it clear whether one side gave more than the other? >> you know, it's just the first chapter of a several-chapter book here because now we're going to have to deal with the debt ceiling fight and republicans have been calculating that they want to extract some concessions from the white house on that. that can't be considered separate from what we're talking about today. of course, we have to do the sequestration and what will happen with those cuts. so it's too early to tell who wins, who loses. i'll add to ezra, the big losers i guess are us, and me in particular standing out here in the cold on new year's eve over a manufactured crisis. >> there are a lot of us who did not expect to be here a
at the moment we will have a fairly modest amount of deficit reduction. maybe even none at all. mixed with a fairly bad economic impact from the fiscal cliff. kicking some of the sequester down the road would be a good idea but it's the same disagreements keeping us from doing that that has kept us from getting a bigger deal. >> where we are right now and what we know about this, sam, is it clear whether one side gave more than the other? >> you know, it's just the first chapter of...
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Dec 26, 2012
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we are looking at the deficit of this year and looking at deficit of that size as far as the eye can see and not how to put together a minor package as chuck was talking about. this is the larger deal. the problem you have, obviously, not much time so i think you're likely to see a two-step process here. dealing with the immediate dynamics to, in fact, set up a situation to deal with the larger situation. but ultimately, here, the other element to occur is this is a real negotiating process. i have to say i was disappointed in the president when he used this line, when the speaker said to him, hey, i'm giving you $800 billion. what do i zbhet the president's response was nothing. the white house has to come up with -- >> the response of the white house is times is different. 2011 is 2011. doesn't speaker boehner get less out of a smaller deal? >> no, no. i think he wants a larger deal and going back to august of 2011, they were -- they got very close to the large deal. richard, pushing back in terms of a little bit in terms, look, this is a negotiating process. one side can't say you
we are looking at the deficit of this year and looking at deficit of that size as far as the eye can see and not how to put together a minor package as chuck was talking about. this is the larger deal. the problem you have, obviously, not much time so i think you're likely to see a two-step process here. dealing with the immediate dynamics to, in fact, set up a situation to deal with the larger situation. but ultimately, here, the other element to occur is this is a real negotiating process. i...
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Jan 1, 2013
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we need to reduce the deficit. we know we need to reduce spending. any deal in the future that is the rest of this deal and brings it to completion is going to need to have both revenue and spending cuts and we're going to need to make sure that we add entitlement savings. we have that opportunity. the republicans just need to continue to get more of their members to agree to say yes. >> all right. congresswoman debby wassermann schultz, thanks so much for your time. >> thank you, mara. >> so who won, who lost? who compromised and who held firm? where does this leave embattled house speaker john boehner? reed wilson is editor-in-chief for national journal's hotline. thank you both for being here today. ryan, let's talk about what we'll see in the house. do you expect a full scale revolt from conservative members who vowed to vote against any tax increase? >> well, i don't know. we'll find out early this afternoon. what i'm hearing is that the conservative members have three major problems with the bill that came over from the senate. one is that ther
we need to reduce the deficit. we know we need to reduce spending. any deal in the future that is the rest of this deal and brings it to completion is going to need to have both revenue and spending cuts and we're going to need to make sure that we add entitlement savings. we have that opportunity. the republicans just need to continue to get more of their members to agree to say yes. >> all right. congresswoman debby wassermann schultz, thanks so much for your time. >> thank you,...
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Dec 5, 2012
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so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we see and hear about the fact this two-step plan getting something done for the middle class by the end of the year, does this set up the scenario we live in a perpetual state of fiscal cliff loopness, this is the same old dog and pony show every six months to a year fighting over the same things and not big, bold leadership? >> i hope not, certainly if it's not left up to president obama and congressional democrats. president obama proposed $4 trillion in deficit reduction, he has a balanced approach to take care of the middle class and that they have the certainty that they need that we make spending
so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we...
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Dec 2, 2012
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as a result, my pred ases sors built up a deficit that wasn't reported as part of the deficit i dealt with. >> the bus is running over and other and over. >> it was a series, this happened over a 20-year period time. >> right. >> you don't report under gap. you extend the fiscal year for income out but shorten it for payments or income in, payments out. you do all kind of crazy things. enter into a 20-year transaction for state employees that guarantee benefits, tieing the hands of future administrations. lots of crazy things happen when there are no rules. for a long time, there were no rules. >> not to mention, you use a credit discount rate for pension, liabilities. i will say, first states have cut spending but they have to cut way more according to to gao, they have to cut at least 13% every year. their reason is, one of the things we should not forget is one of the things we should do when times are good is actually save money. >> yes. >> it's not what states have done. when time was good, they were spending, spending, spending and spending. in fact, states, when private gdps gr
as a result, my pred ases sors built up a deficit that wasn't reported as part of the deficit i dealt with. >> the bus is running over and other and over. >> it was a series, this happened over a 20-year period time. >> right. >> you don't report under gap. you extend the fiscal year for income out but shorten it for payments or income in, payments out. you do all kind of crazy things. enter into a 20-year transaction for state employees that guarantee benefits, tieing...
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Nov 12, 2012
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reduction, hasn't added a nichol to the deficit. that's off the table. we have to come up with a plan that's fair, a plan in which the republicans understand that their proposals during the campaign to extend tax breaks to the wealthiest people in this country is not what the american people want. there's a big debate on this. i'm confident we have the american people on our side who want deficit reduction but want it done in a way that is fair. >> if you're concerned that this will be a distraction or will provide ammunition for some of those who may disagree with the way you say we should approach dealing with the fiscal cliff and give them some am migs to make more hay, so to speak, about david petraeus, and it could -- >> i don't think so. >> it could make things more difficult. >> i don't think so at all. members of congress and the american people understand that when you have a middle class which is really suffering, standard of living is going down, when you have the wealthiest people doing phenomenally well, when we have a
reduction, hasn't added a nichol to the deficit. that's off the table. we have to come up with a plan that's fair, a plan in which the republicans understand that their proposals during the campaign to extend tax breaks to the wealthiest people in this country is not what the american people want. there's a big debate on this. i'm confident we have the american people on our side who want deficit reduction but want it done in a way that is fair. >> if you're concerned that this will be a...
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Dec 24, 2012
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the grand bargain, something to prevent taxes going up, and also lay the groundwork potentially for deficit reduction in the future. i think you will see president obama cut his vacation short, and continue to play a role in those negotiations. richard. >>> kristin, over the weekend, he attended the funeral for the late senator inouye, who he has called an inspiration to him. what did you see in that service? >> well, more than 20 members of congress attended, mostly democrats, majority leader harry reid spoke and praised senator inouye for his partisan spirit, reaching across the aisle. of course in an earlier memorial service, the president called the late senator his earlier inspiration, on a a lot of members of congress came together to pay their respects. >> thank you, kristin. >>> if congress and the president fail to reach a deal, the impact is as unlikely as immediate as the term "fiscal cliff" seems to imply. the expiration of the tax cuts with a $2200 average tax high. the payroll tax cut would also expire meaning another $40 a paycheck and long-term unemployment benefits would en
the grand bargain, something to prevent taxes going up, and also lay the groundwork potentially for deficit reduction in the future. i think you will see president obama cut his vacation short, and continue to play a role in those negotiations. richard. >>> kristin, over the weekend, he attended the funeral for the late senator inouye, who he has called an inspiration to him. what did you see in that service? >> well, more than 20 members of congress attended, mostly democrats,...
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Dec 14, 2012
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we were running when i came into the senate very large deficits. >> right now that would be the fiscal cliff solution. >> at the time, they were somewhat unprecedented for the period before that. and so we struggled with that throughout his presidency, trying to figure out how to get enough revenue, and how to control costs and that was struggle. i think president george h.w. bush began to solve some of that problem by agreeing, finally, to a deficit reduction effort that congress essentially urged and forced him to accede to, which he did. president clinton took the next step and really made some major changes, both on the revenue side and the spending side and got the country on a sound fiscal footing, at least in my view. and of course, president bush's term, the main thing he's remembered for in addition to the tax cuts are the wars that we got into and i supported the effort to go into afghanistan, i didn't support the effort to go into iraq. president obama inherited a very adverse economic situation and given the hand he was dealt, i think he's done well in trying to get the cou
we were running when i came into the senate very large deficits. >> right now that would be the fiscal cliff solution. >> at the time, they were somewhat unprecedented for the period before that. and so we struggled with that throughout his presidency, trying to figure out how to get enough revenue, and how to control costs and that was struggle. i think president george h.w. bush began to solve some of that problem by agreeing, finally, to a deficit reduction effort that congress...
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Nov 29, 2012
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shy add, chris, that another really important part of this conversation in addition to long term deficit reduction is making sure that we get sustained economic recovery. we saw some good numbers today, but we want to make sure that we sustain that recovery. and extending middle class text cuts is part of it, but so is investing in our infrastructure, so are other elements of the president's jobs plan that should be part of this overall agreement. >> we have seen several liberal democrats to say that it is better to go off that cliff than to get a bad deal. and i'm wondering if you agree because it seems like the ceos who came out of the meeting with the president yesterday were most worried or at least seriously worried about the effect of not getting a deal on time and the effect that will have on the economy. >> we absolutely want to avoid going over the fiscal cliff because it would be a big drag on the economy. >> but are you willing to do that? >> what we're willing to do is come up with a package that both accelerates economic recovery, but also begins to reduce the long term defi
shy add, chris, that another really important part of this conversation in addition to long term deficit reduction is making sure that we get sustained economic recovery. we saw some good numbers today, but we want to make sure that we sustain that recovery. and extending middle class text cuts is part of it, but so is investing in our infrastructure, so are other elements of the president's jobs plan that should be part of this overall agreement. >> we have seen several liberal democrats...
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Jan 19, 2013
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republicans have taken a pledge, saying they will never raise a dollar in taxes no matter what the budget deficit looks like. he is not why they decided to put the whole u.s. economy at risk if they don't get their way on spending cuts. he is not why the white house partnered with gun legislation, no matter how small, is tantamount to taking away guns, he is not why extreme movements like extreme ideas like going back to a gold standard in the middle of an economic crisis have taken root on the right. this country needs and deserves a better republican party. and there are a lot of people in the republican right now who want a better republican party who are trying to push it there. those people, i think include key leaders in the party, like the house republican leaders this week who are trying to talk their members down from the ledge. they include folks like david brooks who in saying that republicans look deeply unreasonable, they are telling republicans you are being unreasonable. you need to move to the center. the structure of their argument a bit weird, but they're pushing in the right di
republicans have taken a pledge, saying they will never raise a dollar in taxes no matter what the budget deficit looks like. he is not why they decided to put the whole u.s. economy at risk if they don't get their way on spending cuts. he is not why the white house partnered with gun legislation, no matter how small, is tantamount to taking away guns, he is not why extreme movements like extreme ideas like going back to a gold standard in the middle of an economic crisis have taken root on the...
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Jan 10, 2013
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. >> so for all of the talk out there about deficit reduction, making sure our books are balanced, this is the guy who did it. three times. over the past year, i have sought jack's advice on virtually every decision from economic policy to foreign policy. >> it signals a shift in white house priorities. if confirmed, lew replaces tim geithner whose background helped him navigate the financial vie sis and new wall street regulations and lew spent three years working with wall street the background is in budget fights and matches washington's new focus. lew was an aide to tip o'neill in the '80s helping score the social security deal with president reagan, led the budget office under president clinton and obama and helping not only to balance the budget in the '90s but generate a surplus. two years ago, he helped negotiate the budget control act. politico puts it this way. tim geithner was a banking man tapped to handle a banking crisis. jack lew is a budget guy being brought in to handle the government's fiscal disaster. on the hill, a handful of republicans oppose lew's confirmation but
. >> so for all of the talk out there about deficit reduction, making sure our books are balanced, this is the guy who did it. three times. over the past year, i have sought jack's advice on virtually every decision from economic policy to foreign policy. >> it signals a shift in white house priorities. if confirmed, lew replaces tim geithner whose background helped him navigate the financial vie sis and new wall street regulations and lew spent three years working with wall street...
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Jan 8, 2013
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the president has presided over four $1 trillion deficits in a row. never presented a budget that any member of his own party was willing to vote for. the democratic senate hasn't produced a budget at all in three years. come on, it's time -- revenue portion of this has been settled in the fiscal cliff deal. i cooperated with the administration on that, a lot of my colleagues did as well. i think we've shown a great deal of good faith. it's time for the president to come across and get serious about the spending cuts and reform he said is necessary. >> does that mean if the boehner rule goes into in effect that this deal would mean some type of review monthly? every month at raising the debt limit? >> no, i actually think that's a very short sided way to do it. i would hope the president presents some sort of solution that's much longer term than that. but we managed to do both budget and debt ceiling deals before. we've done a fiscal cliff deal. we need to give ourselves breathing space but that's going to take really serious spending cuts from the a
the president has presided over four $1 trillion deficits in a row. never presented a budget that any member of his own party was willing to vote for. the democratic senate hasn't produced a budget at all in three years. come on, it's time -- revenue portion of this has been settled in the fiscal cliff deal. i cooperated with the administration on that, a lot of my colleagues did as well. i think we've shown a great deal of good faith. it's time for the president to come across and get serious...
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Dec 31, 2012
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. >> if republicans think that i will finish the job of deficit reduction through spending cuts alone, and you hear that sometimes coming from them, sort of after today we're just going to try to shove only spending cuts down -- well, shove spending -- [ laughter ] shove spending cuts at us. if they think that's the formula for how we're going to solve this thing, then they've got another thing coming. >> i wanted to bring in democratic congressman john larson of connecticut with us from capitol hill. thanks for coming in. >> happy to be here. >> i want to talk spending in a moment but, first, what's your reaction to the parameters of a tax deal, a hike on incomes more than $400,000 for individuals, $450,000 for couples. your tlauts houghts on what we o far. >> we really don't know that much. we haven't seen anything in the house of representatives. i just heard luke russert say, you know, the ink isn't dry on any agreement yet. so while we're hopeful that there is an agreement that can be reached and have been prodding our colleagues to do so, things could implode rather easily, as w
. >> if republicans think that i will finish the job of deficit reduction through spending cuts alone, and you hear that sometimes coming from them, sort of after today we're just going to try to shove only spending cuts down -- well, shove spending -- [ laughter ] shove spending cuts at us. if they think that's the formula for how we're going to solve this thing, then they've got another thing coming. >> i wanted to bring in democratic congressman john larson of connecticut with us...
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Nov 26, 2012
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and that the americans who have done extremely well over the last ten years or so contribute to this deficit reduction program that we have. >> congressman john yarmouth. good to see you. thanks very much. >> we already talked about norquist whose influence seems to be diminished and there is a couple of other big players and i think we need to talk about paul ryan. the big headline is on cliff ryan faces two paths, will he stick to ideological purity or compromise to get a deal. how influential is he? >> we haven't heard much from paul ryan. i was more intrigued with eric cantor, so often the thorn in the side for speaker boehner is now saying he wants to get in there and do a deal. >> it was definitely a more conciliatory tone. he didn't give too many specifics but it was a different tone. >> in some accounts it was cantor's pressure in leaving conservative house members against boehner a bit and that first time around that helps settle things a little bit. i thought cantor was saying publicly was the big tale and paul ryan i haven't heard much from yet. >> and the other people trying to g
and that the americans who have done extremely well over the last ten years or so contribute to this deficit reduction program that we have. >> congressman john yarmouth. good to see you. thanks very much. >> we already talked about norquist whose influence seems to be diminished and there is a couple of other big players and i think we need to talk about paul ryan. the big headline is on cliff ryan faces two paths, will he stick to ideological purity or compromise to get a deal....
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Jan 20, 2013
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you're going to need more revenues as well as more cuts to get the deficit down. and i've talked to leader reid. i've talked to budget chair murray. we're going to do a budget this year. and it's going to have revenues in it. and our republican colleagues better get used to that fact. >> senator cruz? >> david, i'll mention there was an area of substantial agreement with what chuck just said. he said we should never, ever compromise the full faith and credit of the united states. i agree. and in fact, there is a bill that i am co-sponsoring, the full faith and credit act, which provides that, regardless of what happens to the debt ceiling, the united states will always, always, always meet its debt. we will never default on its debt. that was introduced in 2010. it didn't pass because harry reid and president obama didn't want it to pass. they wanted to raise the specter of a default to use. so, chuck, you and i could make news right now on national television, would you agree to support the full faith and credit act and take the possibility of a default off the t
you're going to need more revenues as well as more cuts to get the deficit down. and i've talked to leader reid. i've talked to budget chair murray. we're going to do a budget this year. and it's going to have revenues in it. and our republican colleagues better get used to that fact. >> senator cruz? >> david, i'll mention there was an area of substantial agreement with what chuck just said. he said we should never, ever compromise the full faith and credit of the united states. i...
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Dec 9, 2012
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as much and the democrats talking about reducing the deficit. not only will the market go down but we'll have a recession. the market will go crazy on the upside. we will have dealt with the biggest uncertainty, not taxes, the deficit. >> going over the cliff, governor won't get that done because then you have the debt ceiling. there's other provisions you have to deal with. it will not get that done. it will cause further issues that will be resolved later on. >> only if the debt ceiling gets carved into it. one is not linked to the other. >> we can be talking about one not linked to the other. if we go over the cliff, we have to reveal the debt ceiling. at that point and time, the question about the debt ceiling is that much more important. it will have to be raised. as a republican, a proud republican, i am willing to sit here and say we probably need to give some on taxes. there's no question about it. this president also needs to give and show real leadership. if he doesn't, if he wants to punish the wealthy or those in the top 1% and say h
as much and the democrats talking about reducing the deficit. not only will the market go down but we'll have a recession. the market will go crazy on the upside. we will have dealt with the biggest uncertainty, not taxes, the deficit. >> going over the cliff, governor won't get that done because then you have the debt ceiling. there's other provisions you have to deal with. it will not get that done. it will cause further issues that will be resolved later on. >> only if the debt...
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Dec 10, 2012
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i want us to bring down the deficits but i want to do in it a balanced, responsible way. and i want to reward -- i want a tax code that rewards businesses and manufacturers like detroit diesel right here creating jobs right here in redford, right here in michigan, right here in the united states of america. that's where we need to go. that's the country we need to build. and when it comes to bringing up manufacturing back to america, that's why i'm here today. since 1938, detroit diesel has been turns out some of the best engines in the world. over all those years, generations of redford workers have walked through these doors. not just to punch a clock. not just to pick up a paycheck. not just to build an engine. but to build a middle class life for their families. to earn a shot at the american dream. for seven and a half decades, through good times and bad, through revolutions in technology that sent a lot of good jobs, manufacturing jobs overseas, men and women like you, your parents, maybe even your grandparents have done your part to build up america's manufacturing
i want us to bring down the deficits but i want to do in it a balanced, responsible way. and i want to reward -- i want a tax code that rewards businesses and manufacturers like detroit diesel right here creating jobs right here in redford, right here in michigan, right here in the united states of america. that's where we need to go. that's the country we need to build. and when it comes to bringing up manufacturing back to america, that's why i'm here today. since 1938, detroit diesel has...
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Jan 5, 2013
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to cut it in smaller ways, the president wants to find a big compromise that reviews the long-term deficit and a lot of democrats don't like the approach he endorsed. there's a coming internal divide on the on issue. >> go ahead. >> just picking up on that point. i think that is where kind of the rubber meets the road. that the president has definitely said yeah, he is absolutely for some kind of shift in change in entitlement reform. but he has been vague about what that looks like. >> both sides have. >> but that has been the problem. but also, that you have liberals coming into -- who have now become part of the democratic party that are ideologically -- you will have a warfare, but certainly a battle. >> i wonder if part of that is because there are a significant number of people that are on the far left that misunderstand the president? did they -- do they think that perhaps he is more liberal at his core than he is? >> i think the point a that the progressives are no going to be a major force over the next two years is a real one. from the story of the 112th congress was the tea part
to cut it in smaller ways, the president wants to find a big compromise that reviews the long-term deficit and a lot of democrats don't like the approach he endorsed. there's a coming internal divide on the on issue. >> go ahead. >> just picking up on that point. i think that is where kind of the rubber meets the road. that the president has definitely said yeah, he is absolutely for some kind of shift in change in entitlement reform. but he has been vague about what that looks...
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Dec 7, 2012
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so security trust fund doesn't have anything to do with the debt and deficit. but the idea that we're going to simply kick the can on that and have across the board social security cuts, you know, 15 years from now because we didn't step up responsibly i think does a great disservice to those who expected to have those benefits when they reach retirement age. >> senator mark warner, thank you for your time today. >> thank you, richard. >>> let's bring in our political power panel, melinda, democratic strategist morris reed. let's start with you hogan. i want to start with this. senator harry reid used an interesting analogy on the floor to describe the current state of the republican party. listen to this first. >> he's got a problem. he has three quarter backs, sanchez, he's got tim tebow, a guy by the name of mcilroy. he can't describe who is going to be the quarterback. that's the same problem that the republicans are having. romney is there but he's in the background. who is the quarterback, mr. president. >> hogan, what do you think? who's the quarterback?
so security trust fund doesn't have anything to do with the debt and deficit. but the idea that we're going to simply kick the can on that and have across the board social security cuts, you know, 15 years from now because we didn't step up responsibly i think does a great disservice to those who expected to have those benefits when they reach retirement age. >> senator mark warner, thank you for your time today. >> thank you, richard. >>> let's bring in our political power...
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Feb 13, 2013
02/13
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we had clinton on deficit reduction. what makes president obama think this will be different? >> steve, good afternoon. white house officials say this is really a conditionation of the conversation that president obama started with congress and the american people last night. i would say more brudly, this is really a key part of the strategy in terms of trying to get the policies passed through congress. in this instance, you have president obama out today and talking about investing in new manufacturing projects. new infrastructure anding in ad that, childhood education and stiffer gun control laws. as a way to pressure congress, get this passed in the court of public opinion first. that is what we expect president obama to do not just this week, but the coming weeks. tomorrow he will be in georgia. on friday he will be in chicago. again, talking about these key aspects of the plans and policies that he unveiled last night. i can tell you that he ticked off a number of goals that he would like to see happen and a lot of them poled very well. a lot of skepticism about this is
we had clinton on deficit reduction. what makes president obama think this will be different? >> steve, good afternoon. white house officials say this is really a conditionation of the conversation that president obama started with congress and the american people last night. i would say more brudly, this is really a key part of the strategy in terms of trying to get the policies passed through congress. in this instance, you have president obama out today and talking about investing in...
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Feb 1, 2013
02/13
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bring down the deficits in a balanced, responsible way. >> is washington the biggest problem for the economy? >> i think clearly it is a major headwind. it spends a lot of money ineffectively. you can say that whether you're a conservative or a liberal. a source of job loss. in spite of conservative harping of government occupying too much, there's 1.5 million job shed from state and local government. a lot of those are teachers, first responders. and the inability of the government to put capital in motion and $3 trillion plus in spending in any way effectively is not doing any of us any particular good. the only happening decent right now in terms of growth tends to be what's going on ex-government and that doesn't mean that government couldn't do a lot better but washington isn't. >> let's talk about what's happening on wall street as the banner says, main street versus wall street or main street and wall street depending on your perspective. sometimes it does feel like it's a us against them scenario but the dow now over 14,000 mark. still with the millions of people looking for
bring down the deficits in a balanced, responsible way. >> is washington the biggest problem for the economy? >> i think clearly it is a major headwind. it spends a lot of money ineffectively. you can say that whether you're a conservative or a liberal. a source of job loss. in spite of conservative harping of government occupying too much, there's 1.5 million job shed from state and local government. a lot of those are teachers, first responders. and the inability of the government...
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Dec 24, 2012
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years, 1% or 2% of the population, they need to contribute a little more to that restructuring of our deficit situation. so i don't think this is political at all. the politics ended on election day. the president made his case, he made it very clearly. there is no doubt as to what was at stake in that election and the president was elected overwhelm lig. so the politics are over. now we're trying to govern the country and i think that's, at least in the house. >> congressman, i got to speak with you twice over the last several days. i appreciate your time. >> you, too. >> this video just in from the scene of a fire in the rochester, new york area. it's reported two firefighters were shot after responding to a large fire at 6:00 this morning. they encountered gun fire as they were getting out to the fire and immediately retreated. one firefighter was shot in the buttocks and is reported to be in satisfactory condition. it's believed that three houses and one vehicle are involved in that fire. residents in the area have been asked to stay in their homes away from windows and doors. we'll keep
years, 1% or 2% of the population, they need to contribute a little more to that restructuring of our deficit situation. so i don't think this is political at all. the politics ended on election day. the president made his case, he made it very clearly. there is no doubt as to what was at stake in that election and the president was elected overwhelm lig. so the politics are over. now we're trying to govern the country and i think that's, at least in the house. >> congressman, i got to...
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Dec 2, 2012
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we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff. >> let me quickly say i don't favor going over the cliff, but howe regard is right. if you're worried about the deficit, the easiest way is to go over the cliff. you have increases right away. >> yeah. >> can i ask you, though, how can you guarantee e that all the extra tax hikes and provisions actually go towards paying the national debt and not more spending and more programs? >> you can't guarantee that but you have a conservative republican congress. they are not going to vote for any spending increase. why not take advantage of that and make the initial cuts and let them go into a stalemate for awhile. that's a pretty big amount. my sges that provides the certainty. we go back to the clinton tax rates. and we make sig
we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff. >> let me quickly say i don't favor going over the cliff, but howe regard is right. if you're worried about the deficit, the easiest way is to go over the cliff. you have increases...
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Jan 15, 2013
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he is absolutely prepared to continue to negotiate ways to reduce our budget deficit and that's exactly what we should be doing but we shouldn't be doing it under the threat, the republican threat, of tanking the economy by undermining the full faith and credit of the united states government. we have never done that in the history of this republic and we shouldn't start doing it now. >> all right. congressman van hollen, always a pleasure to speak with you. thank you, sir. >> likewise. >>> the house will vote on the massive hurricane sandy bill and things are heated on the house floor today. >> we are asking, we are pleading and we shouldn't have to beg for money for the northeast to be able to survive. >> but some republicans say they will vote against the bill despite calls from members in their own party to get it done. >>> but first, today's money minute. here's a look at wall street. you see there, the dow down slightly. we'll be right back. [ man ] i've been out there most of my life. you name it...i've hooked it. but there's one... one that's always eluded me. thought i had it i
he is absolutely prepared to continue to negotiate ways to reduce our budget deficit and that's exactly what we should be doing but we shouldn't be doing it under the threat, the republican threat, of tanking the economy by undermining the full faith and credit of the united states government. we have never done that in the history of this republic and we shouldn't start doing it now. >> all right. congressman van hollen, always a pleasure to speak with you. thank you, sir. >>...
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Dec 22, 2012
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obama and john boehner were getting close to some sort of a deal, a deal that would have dealt with deficit reduction as well as tax reform, but that all fell apart and now there's a big question mark about how they move forward and the president himself acknowledging when he addressed the nation on friday that given the tight timeframe, hopes for a larger deal have all, but faded and he's calling on congress to work together to just get a deal that would have at the very least extend lower tax rates for those making $250,000 or less and also to extend unemployment insurance and to help lay the groundwork for deficit reduction in the future. right now the expectations have been lowered a great deal in terms of what is actually possible and you heard the president say that he is still optimistic that something can get done before the january 1st deadline and of course, there's a lot of pressure for these lawmakers to get something done because if they don't the economy could go back into a recession eventa you willy. >> kristen well wiker with the president in hawaii. >>> joining me now from
obama and john boehner were getting close to some sort of a deal, a deal that would have dealt with deficit reduction as well as tax reform, but that all fell apart and now there's a big question mark about how they move forward and the president himself acknowledging when he addressed the nation on friday that given the tight timeframe, hopes for a larger deal have all, but faded and he's calling on congress to work together to just get a deal that would have at the very least extend lower tax...
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Jan 1, 2013
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this is a plan that is not really enough to achieve the kind of fiscal sustainability in our deficit that -- one might have hoped out of a deal like this. this deal also does nothing about the debt ceiling. so unfortunately, we'll be back in a few months about another deal. on new year's eve, let's kind of put that aside for now. >> well, see you in a couple of months then, economist jared bernstein, thank you so much, happy new years to you. you are watching "msnbc," the place for politics. >>> welcome back to our breaking news coverage of the fiscal cliff deal from capitol hill. lawmakers in the white house have reached a tentative deal the avert the across-the-board tax increases, and huge spending cuts regarding the sequester. joining us is the host of "politics nation," the reverend al sharpton. thank you for taking time out of your new year's eve. and i'm sure that this is a subject of great interest to you. >> no, it is a very much -- of a concern to me. and one of the things that i'm very happy about if this deal is voted in, is that people that are depending on unemployment
this is a plan that is not really enough to achieve the kind of fiscal sustainability in our deficit that -- one might have hoped out of a deal like this. this deal also does nothing about the debt ceiling. so unfortunately, we'll be back in a few months about another deal. on new year's eve, let's kind of put that aside for now. >> well, see you in a couple of months then, economist jared bernstein, thank you so much, happy new years to you. you are watching "msnbc," the place...
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and the other factor, too, is we can't forget that one of the best anecdotes to a deficit is a strong, growing economy, particularly growing jobs. and so there are things we have to do to grow jobs. >> i think everybody agrees on the jobs front. anyway, senator jack reed, democrat from rhode island, the senior man when it comes to military affairs in the u.s. senate these days. thank you, sir. >> thank you. >>> up next, the presidential limo gets tagged a political punch. and the second term shuffle continues. another cabinet secretary announces his time for departure. >>> plus, former president bill clinton speaks out on secretary clinton's health and how it could affect any ambitions she might have for 2013. >>> but first, today's trivia question. how many presidents have been inaugurated in an even-numbered year? tweet me the answer, @chucktodd and @dailyrundown. the first correct answer gets a follow we say from us. the correct answer and more is coming up on t"the daily rundo " rundown." nothing. are you stealing our daughter's school supplies and taking them to work? no, i was j
and the other factor, too, is we can't forget that one of the best anecdotes to a deficit is a strong, growing economy, particularly growing jobs. and so there are things we have to do to grow jobs. >> i think everybody agrees on the jobs front. anyway, senator jack reed, democrat from rhode island, the senior man when it comes to military affairs in the u.s. senate these days. thank you, sir. >> thank you. >>> up next, the presidential limo gets tagged a political punch....
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Nov 28, 2012
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they don't believe that social security is a driver of the deficit. on the other hand, you ended up seeing where -- how do you end up tweaking medicare? do you raise the eligibility age? new poll by "the washington post"/abc showed that two thirds of americans oppose raising the eligibility age for medicare and that could be something that could be discussed as would be, you know, maybe means testing and other things and again we don't know the details but what the white house is wanting to say, look, we're open to some adjustments on entitlements where republicans want to hear what are the details? >> that's interesting, the new poll you brought up. most of the people in that poll not wanting to see the eligibility age change and in the same poll the majority wanted to see taxes increase for people who make over $250,000. a lot of times we saw the lawmakers use polls to their benefit and this is an interesting storyline from those, too. >> politically, right now, when you look broadly, measuring the public, it does seem to be easier to raise taxes on
they don't believe that social security is a driver of the deficit. on the other hand, you ended up seeing where -- how do you end up tweaking medicare? do you raise the eligibility age? new poll by "the washington post"/abc showed that two thirds of americans oppose raising the eligibility age for medicare and that could be something that could be discussed as would be, you know, maybe means testing and other things and again we don't know the details but what the white house is...
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Jan 19, 2013
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growing economy along with making meaningful projects, with immigration reform, climate change, balanced deficit reduction, reducing gun violence and the implementation of the affordable care act. with me now, jim messina, the man responsible for re-electing the president and heading this new non-profit group and he's head of the inaugural parade. this is a busy time for you jim, huh? >> hi, craig, how are you? it's busy, but a lot of fun. >> let's start with this new group here. it's set up like a 501 -- it's set up as a 501c4 group which is different from a super pac. it's able to legally coordinate with the white house. how do you think that's going to help the mission? >> look. we went out and surveyed our members across the country and two things became very apparent. one, they wanted to stay together. they had built something very special through two very tough presidential campaigns and two, they wanted to continue to work on the issues that motivated them to get involved with barack obama in the first place. you talked about them, the economy. immigration reform, climate change. all thin
growing economy along with making meaningful projects, with immigration reform, climate change, balanced deficit reduction, reducing gun violence and the implementation of the affordable care act. with me now, jim messina, the man responsible for re-electing the president and heading this new non-profit group and he's head of the inaugural parade. this is a busy time for you jim, huh? >> hi, craig, how are you? it's busy, but a lot of fun. >> let's start with this new group here....
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cuts which were enacted back in 2001 which blew a massive hole in the budget and helped to create the deficits everyone's now screaming about. in which republicans have been railing against for 11 years. and yet for all the drama and suspense, he said he wanted the bush rates extended for 98% of americans. republicans said they wanted them extended for 100%. it looks like the compromise will cover about 99%. for all the noise we've heard about the bush tax cuts and all the budgetary damage they've done, almost all of them are going to survive for good. i wouldn't be surprised if somewhere an ex-president is smiling. martin, bashir. it's all yours. >>> welcome. it's wednesday, december 19th. and the president echoes the cry of millions. enough is enough. >> we may never know all the reasons why this tragedy happened. we do know that every day since, more americans have died of gun violence. but the fact that this problem is complexed can no longer be an excuse for doing nothing. that's why i've asked the vice president to lead an effort that includes members of my cabinet and outside organizati
cuts which were enacted back in 2001 which blew a massive hole in the budget and helped to create the deficits everyone's now screaming about. in which republicans have been railing against for 11 years. and yet for all the drama and suspense, he said he wanted the bush rates extended for 98% of americans. republicans said they wanted them extended for 100%. it looks like the compromise will cover about 99%. for all the noise we've heard about the bush tax cuts and all the budgetary damage...
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Dec 26, 2012
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house and speaker were getting close to getting a big deal that would have included tax reform and deficit reduction. that fell apart. house speaker john boehner tried to get his own bill through the house. he realized he didn't have enough votes for that. that fell apart as well. the ball is in the senate's court. according to an aide, senate majority leader harry read will not bring a bill to the floor unless he believes he will not have the support to get it passed or at least not to block it. that is the strategy right now. president obama will be working with what ma jority leader reid trying to get something through. the president wanted a big deal given the time constraints and only six days left, he conceded to a big deal is probably not possible. the goal now is just to get a gap measure to prevent the steep tax hikes from kicking into effect and the deep spending cuts. right now that is the large goal. i can tell you that competence in lawmakers is dwindling according to the latest poll. 50% of americans believe that lawmakers will be able to prevent going-over the fiscal cliff.
house and speaker were getting close to getting a big deal that would have included tax reform and deficit reduction. that fell apart. house speaker john boehner tried to get his own bill through the house. he realized he didn't have enough votes for that. that fell apart as well. the ball is in the senate's court. according to an aide, senate majority leader harry read will not bring a bill to the floor unless he believes he will not have the support to get it passed or at least not to block...
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it's an important part of the bill's long-term deficit reduction. also it does do something i think is important. which is president obama often says he wants to bring taxes on the rich back to where they were in the clinton years. clinton rates as he says. when you had these taxes in, his proposal to actually increase taxes on the rich, quite a bit above where they were in the clinton years. >> the new taxes on wages and investment income, they're designed to raise, the number is, $318 billion over the next ten years or about half of all the new revenue that will be collected under the health care law. it's been pointed out the new taxes also come with a marriage penalty for those who qualify. >> i'm not hugely convinced. here's the way it works. the taxes kick in for individuals making more than $200,000 or families making more than $250,000. number one, anybody who's getting married is under those levels is seeing nothing here. that's the vast, overwhelming majority of americans. now, the way the marriage penalty can work is let's say two people
it's an important part of the bill's long-term deficit reduction. also it does do something i think is important. which is president obama often says he wants to bring taxes on the rich back to where they were in the clinton years. clinton rates as he says. when you had these taxes in, his proposal to actually increase taxes on the rich, quite a bit above where they were in the clinton years. >> the new taxes on wages and investment income, they're designed to raise, the number is, $318...